Monday, September 5, 2011

World stocks mired in red on poor data, gloomy outlook

KUALA LUMPUR: A slew of negative data and gloomy outlook for the global economy dragged world stocks into the red on Monday, Sept 5 while the FBM KLCI failed to sustain its rebound from last Friday.

At the close, the FBM KLCI fell 0.74% or 10.97 points to close at 1,463.12, weighed by losses at blue chips including KLK, Petronas-related counters and Genting.

Losers beat gainers by 526 to 210, while 235 counters traded unchanged. Volume was 640.32 million shares valued at RM1.37 billion.

Meanwhile, Asian markets closed sharply lower while European markets opened in the red after China's services sector slowed to a historical low in August, indicating moderating growth in the economic giant.

In Europe, banks were also hit with Barclays, Royal Bank of Scotland and Lloyds Banking Group up to 5.4 percent lower as Credit rating agency Moody's said it was still reviewing several leading British banks for a possible downgrade, according to Reuters.

At the regional markets, South Korea's Kospi tumbled 4.93% to 1,785.83, Hong Kong's Hang Seng Index fell 2.95% to 19,616.40, Taiwan's Taiex lost 2.65% to 7,551.57, Singapore's Straits Times Index down 2.46% to 2,773.17 and Japan's Nikkei 225 fell 1.86% to 8,784.46.

On Bursa Malaysia, KLK led the decliners and fell 48 sen to RM21.20, Cepco 38 sen to RM1.80, Shell lost 26 sen to RM10, PPB, HLFG and Petronas Dagangan 24 sen each to RM16.80, RM11.64 and RM17.76 respectively, Petronas Gas 22 sen to RM13.26, MISC 20 sen to RM6.95, Genting 18 sen to RM9.47 and KLCCP down 16 sen to RM3.21.

Among the gainers, Hong Leong Industries added 23 sen to RM4.09, CI Holdings up 21 sen to RM4.68, SapuraCrest 11 sen to RM4.01, Rapid, Bumi Armada and Aeon added 10 sen each to RM2, RM3.69 and RM7.40, while Bernas rose nine sen to RM3.13.

E&O was the most actively traded counter with 25.94 million shares done. The stock rose seven sen to RM1.67.

Other actives included CIMB, Axiata, DVM, Denki, Takaso, Maybank, Sime and AirAsia.

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